And again, problems arise when people voluntarily hand over money that is not their own. John Kenneth Galbraith once described executive pay as a warm personal gesture by the beneficiary to himself. In today’s world of remuneration committees, it is more often a warm personal gesture by friends to each other.Perfect.
Wednesday, February 15, 2012
Best quote in an op-ed referencing Nozick.
John Kay's piece in the Financial Times (here) includes this wonderful paragraph, which applies to corporate pay and the pay of estate professionals in bankruptcy cases: